This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: How’s the Arlington market doing halfway through the year?
Answer: The Arlington real estate market is very stable right now.
First half of 2016 vs first half of 2015:
Stable speed of sale: Average of 50 days on market this year vs 49 days last year
Stable sold price: Median/Average sold price of $558,000/$638,166 this year vs. $556,750/$639,546 last year. That’s a change of just .22% and -.22%.
No change to discounts: Buyers are netting an average of 2.2% discount off of the original list price, same as the first half of last year
Only nine more total sales: There were 1,412 closed sales in the first half of 2015. This year? 1,421.
Total sold value: Arlington has seen $906,833,434 in closed sales through June, only about $3.8M more than last year
Other interesting stats (first half of 2016):
An impressive 12.7% of sales were over $1,000,000
13.2% of homes were cash purchases and FHA loans continued to be an uncommon choice, representing only 3.7% of sales
34.2% of homes went under contract within 1-10 days of being listed and 6.2% were under contract the same day they were listed (a sign of pre-market sales). Only 19% of homes lasted more than three months on the market.
Compared to our neighbors (first half of 2016):
DC saw average days on market of 39 days and an 8.43% jump in total value of sold homes due to a 6.89% growth in total units sold, largely due to new housing units hitting the market.
Fairfax County saw sales slow by 3 days to 53 days on market, but saw an increase in units sold of 5.96%, with a slight increase in median and average sold price.
Montgomery County maintained a pace of 57 days on market and, like our other neighbors, saw a pop of 9.47% in number of units sold, with an increased median sold price of 1.25%, leading to a total increase of 11.46% in total value of units sold.
Looking Forward
While there are some areas with localized development plans like Rosslyn, Ballston, Columbia Pike, and Crystal/Pentagon City that offer a potential boost to the neighborhood real estate values, I expect the county to remain stable in the coming years. Concerned about a housing bubble? I’ll defer to the greatest investor of all time, Warren Buffett, who recently said at his 2016 Berkshire Hathaway annual meeting that he doesn’t “see a nationwide bubble in real estate right now at all.” He also noted that now is still a great time to buy a home, but not as good as it was four years ago.
Readers: I’m hoping for some more questions! Please let me know if there’s anything you’d like me to address in a future column.
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at http://www.RealtyDCMetro.com.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Recent Stories
Much has been written about Elon Musk’s takeover of Twitter and what that means for the platform. One thing we know for sure is all that drama caused interest in…
Parenthood Is Expensive in Arlington — “Parents in Arlington County with young children are spending about 15.8 percent of their income on child care, according to a new report that…
Just Reduced includes a 5 BD/5.5 BA brick home with an elevator, 10 ft ceilings and hardwood floors.
Good Tuesday evening, Arlington. Today we published articles that were read a total of 42526 times… so far. 📈 Top stories The following are the most-read articles for today —…
Need help dealing with anxiety, depression or stress?
If you’re struggling to cope with anxiety, depression or stress, our virtual psychotherapy services can help. We offer a confidential and convenient service that’s tailored to your needs.
In our practice, cognitive behavioral therapy (or CBT) is an important tool we use to provide effective relief for those facing anxiety and depression. We believe that cognitive change can be used to improve behaviors and emotions, thus allowing you to achieve mental wellness. By understanding the cognitive distortions that lead to negative thought patterns, we are able to create interventions tailored to each of our clients. This empowering approach can help you gain control of how your own thoughts, beliefs, and behaviors impact your experience. With CBT, our service provides an effective treatment that can bring long-term change and mental stability.
Book a free consultation today and see how we can help you live a happier and healthier life.
St. Charles offers a play-based curriculum in a welcoming, Christ-centered environment.
Our program focuses on socio-emotional development and kindergarten readiness through hands-on and engaging activities. Our programs offer different schedules ranging from 7:30 am-5:30 pm for students, ages 2-5. We feature a full-day Jr. kindergarten class for older 4’s/5’s. Our facility includes a full-sized gymnasium, school chapel, and library. All of our students enjoy music and physical education weekly. Children have an opportunity to participate in enrichment classes such as soccer, basketball, ballet, and science.
We offer Summer Camp with weekly themes and twice a week water play, including Fun Friday moon bounce. Please join us for our Open House Feb. 3 at 9:30 am and 11:00 am. Click here to sign-up.
For more information or to schedule a tour, visit us at www.stcharlesarlington.org or call (703) 527-0608.
Almost, Maine
Just in time for Valentine’s Day, join us for a series of vignettes that revolve around the theme of love. Taking place in an almost-town called Almost, Maine, we will show you different, but important, facet of love in each
First-time Moms Meet & Greet
The truth, your first pregnancy and new mom months are full of twists and turns, ups and downs, and lots of questions! None of us really know the best way to do it – we just figure it out, together…
